While the nationwide foreclosure rates are down for the third quarter of 2024, they are up in Illinois. In fact, Illinois had the highest foreclosure rates for the third quarter of 2024, with one in every 904 homes having a foreclosure filing. Florida, Delaware, Nevada, and Indiana were the other four states among the top five states with the highest foreclosure rates.
Despite these high numbers, Illinois foreclosure rates are significantly lower than they were in 2022, when about one in every 385 housing units received a default notice, had an auction scheduled, or was repossessed by the lender. In
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Real Estate & Construction
Kathryn A. Formeller, Simone E. Haugen and Adriana M. Bosco Secure Favorable Jury Verdict for Condominium Board Members
Tressler attorneys Kathryn A. Formeller, Simone E. Haugen and Adriana M. Bosco successfully represented board members of a condominium association. Two years after closing, a unit owner of the condominium association filed suit against the board members for breach of fiduciary duty (on numerous issues including underfunded reserves) and violation of Section 22.1 of the Illinois Condominium Property Act. After a four-day trial, the jury returned a very low, favorable verdict in favor of the board members.
Congratulations, Kat, Simone and Adriana! About Kathryn A. FormellerKathryn A. Formeller is a partner and Chair of Tressler’s HOA Practice Group. Her…
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Jeremy Baker recognized as 2025 Illinois Super Lawyer by Thomson Reuters 7th Consecutive Year
Jeremy has been named among the top 5% of lawyers in Illinois with his inclusion in Thomson Reuters’ 2025 list of Illinois Super Lawyers. Jeremy was recognized for his work in Construction Litigation and Alternative Dispute Resolution, marking his sixth consecutive year as a Super Lawyer. He was honored by Thomson Reuters five times previously as an Illinois Rising Star – an attorney 40 years old or younger or who has been practicing for 10 or fewer years.
This is Jeremy’s 7th consecutive year receiving this acknowledgment.
Super Lawyers are chosen annually through a rigorous process including a survey of…
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Intellectual Property Principles and Rights for Architects
Jeremy gave a presentation to AIA Chicago entitled “Intellectual Property Principles and Rights for Architects,” which AIA Chicago described on its website as follows:
Jeremy S. Baker from Baker Law Group LLC will join the Practice Management Knowledge Community (PMKC) Co-Chairs as he examines design professional intellectual property principles and rights. From those beginning to navigate the vast world of AIA Contracts to seasoned firm leaders with specific contract verbiage questions, this session offers invaluable legal insight to protect our creative work. Through the session, Jeremy will review the “anatomy” of an intellectual property clause in an Owner-Architect…
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What Are My Rights During the Foreclosure Process in Illinois?
When a property owner has failed to keep up mortgage payments, the lender may initiate a foreclosure process to reclaim the real estate. This can be an overwhelming and even humiliating experience for a homeowner, who is typically already in financial distress. However, there are laws and regulations concerning foreclosures that give homeowners certain rights during the process. This article will discuss some of those rights, but the best resource for your legal rights in foreclosure is an experienced Illinois real estate attorney.
How Does the Foreclosure Process Work in Illinois?
If you miss a mortgage payment, the lender…
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How Does a Short Sale Differ from a Strategic Default?
For some homeowners, owning property can become a financial burden. This is especially true in tough economies when real estate markets tend to plummet. When the value of a house falls, its owner can be placed in financial distress, particularly if he or she still has an outstanding mortgage. In some cases, the owner’s mortgage can be more than the property’s value.
A homeowner who is in financial distress may choose one of several options to alleviate his or her burden. Two of those options: a short sale and a strategic loan default. Consult an Illinois real estate attorney…
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Tressler Talks: Advanced Financials in HOA Law
We are pleased to invite you to our upcoming virtual Tressler Talk:Tressler Talks: Advanced Financials in HOA LawOctober 9, 20242:00pm-3:00pm CTWebinarJoin Tressler’s experienced attorneys for this complimentary Illinois HOA board and property management training. This popular webinar provides an advanced, in-depth analysis of community association finances and overall financial stability. Attendees will learn best practices for handling the complex financial aspects of a community/HOA. Attendees will earn 1.0 Hour of CAMICB Continuing Education Credit.
Register Now: cvent.me/AmzxVL
View Event Website: cvent.me/b4ZVLl
Meet Our Speakers:
Kathryn FormellerPartner at Tressler LLP
Kathryn Formeller is a partner and Chair of…
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How Can a Living Will Prevent Family Conflicts?
Creating a will or trust can be an unsettling task because it often involves planning for a day when you may be incapacitated or deceased. It requires making major decisions about what to do with your finances, assets, and even medical care should one of those events occur.
However, setting up a will or trust can be a smart move for many reasons, one of which is that they often help reduce conflict among family members. A living will is particularly useful in preventing heated disagreements within the family upon a member’s incapacitation or death. This article will discuss what…
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Sayra V. Contreras Joins Tressler’s HOA Practice Group
Tressler is excited to welcome Sayra V. Contreras as an associate in our HOA Practice Group. Sayra concentrates her practice in litigation with a focus on representing condominium associations and common interest community associations in areas such as rule enforcement, interpretation of governing documents, review and negotiation of contracts and collection of assessments.
“Joining Tressler LLP as a litigation attorney is a remarkable opportunity. I admire Tressler’s collaborative culture and commitment to excellence. I am eager to use my skills to help our clients navigate complex legal challenges in today’s ever-evolving legal landscape,” said Sayra Contreras.Prior to joining Tressler LLP,…
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What Does Consent Foreclosure Mean?
If you are facing foreclosure, you know the weight of the stress and uncertainty it brings. While exploring your options, you may have come across the term “consent foreclosure.” This lesser-known alternative to traditional foreclosure could offer a way to get through your current challenges. An Illinois lawyer can explain what consent foreclosure is, how it works, and whether it might be a suitable option for your situation.
What to Know About Consent Foreclosure
Consent foreclosure is a legal process where a homeowner agrees to voluntarily give up his property to the lender without going through a traditional…
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What to Do if a Home Seller Didn't Disclose Defects
Buying a home is a significant investment, and discovering undisclosed defects after the purchase can be frustrating and costly. Sellers are required to disclose known material defects in the property. However, if you find yourself in a situation where the seller failed to disclose issues, there are steps you can take to protect your interests. An Illinois lawyer can help you determine if you have a potential case.
What to Know About Seller Disclosure Requirements
In Illinois, the Residential Real Property Disclosure Act mandates that sellers provide a disclosure report to potential buyers. This report should include information about material…
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Corporate Transparency Act: All Associations Must File Report with FinCEN by 12/31/24!
The Corporate Transparency Act (“CTA”) is here to stay, and for now, condominiums, townhomes, homeowners and community associations must file the required Beneficial Ownership Information Report (BOIR) by December 31, 2024. Failure to comply will result in penalties imposed by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). The primary goal of the CTA is to increase business transparency and accountability, thereby preventing illegal activities such as fraud, money laundering and tax evasion.
Like the Illinois Secretary of State’s annual report (for which all board members’ names and addresses are disclosed on the annual report), the BOIR…
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Why Your Lender Probably Wants to Avoid Foreclosure
Many homeowners facing financial difficulties assume their lender is eager to foreclose on their property. However, the reality is often quite different. Lenders typically view foreclosure as a last resort, preferring to explore other options that can benefit both parties. An Illinois lawyer can help you understand this so you can negotiate more effectively and potentially find alternatives to foreclosure.
The Hidden Costs of Foreclosure for Lenders
Despite what you may have heard in the past, foreclosure is often an expensive and time-consuming process for lenders. The legal expenses alone can be substantial, including court fees, attorney fees, and other…
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How to Transfer a Property Deed After a Divorce
Transferring a property deed after a divorce can be difficult for any homeowner, and doing so because of a divorce can make the situation emotionally challenging. However, remember that you can get through this transition successfully with the right guidance and understanding of the process. An Illinois lawyer can guide you through the steps necessary to transfer your property deed following a divorce.
Do Not Delay the Property Deed Transfer
One of the worst things you can do after your divorce is finalized is delay transferring your property deed. In Illinois, you must act promptly to ensure that the property…
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When Should You Consider a Mortgage Loan Modification?
Homeownership is a significant achievement, but it comes with financial responsibilities. Sometimes, circumstances change, making it challenging to keep up with mortgage payments. If you find yourself struggling to meet your mortgage obligations, a loan modification might be a viable solution. An Illinois lawyer can help you explore when and why you should consider a mortgage loan modification.
A Loan Modification Can Help If You Are Behind on Your Mortgage
A loan modification is a process where the terms of your existing mortgage are altered to make payments more manageable. This option becomes particularly relevant when you are falling behind…
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How to Handle Trust Administration Disputes Effectively
When it comes to trust administration, disputes can arise for various reasons. As a trustee or beneficiary, make sure you know how to handle these conflicts effectively to ensure the smooth operation of the trust and maintain healthy relationships among the parties involved. An Illinois lawyer can help you with some strategies for navigating trust administration disputes.
Understand the Root Cause of the Conflict
The first step in resolving any trust administration dispute is to identify the underlying issue. Common causes of conflicts include:
- Disagreements over the interpretation of trust terms
- Concerns about trustee’s actions or decisions
- Disputes between
…
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